This report does not constitute a rating action. Improving end-market demand, recent acquisitions, and cost savings should support Imerys SA’s EBITDA resilience for 2026 and growth through 2027. We expect a gradual recovery in Imerys'end markets, driven by improving demand in abrasives, advanced ceramics, construction, and energy-transition applications, alongside continued market-share gains and new product launches. Recent acquisitions (GLM and S&B Mineraçao) should further support revenue growth and strengthen the group's positioning in key specialty mineral markets. As a result, we forecast revenue of about €3.5 billion in 2026 and pro-forma S&P Global Ratings-adjusted EBITDA of about €507 million, slightly above 2025. We expect profitability to benefit from volume growth, ongoing cost-savings initiatives, and the first contributions from the
